TORONTO, Sept. 11 /CNW/ - Win-Eldrich Mines Limited (TSXV - WEX), a
mining exploration and development company, is pleased to announce the closing
of a non-brokered private placement financing for gross proceeds of
Under the offering, Win-Eldrich issued 462,746 units at a price of
$0.75 per unit. Each unit consists of one common share and one common share
purchase warrant. Each warrant will entitle the holder to acquire an
additional common share at a price of $0.75 for 24 months.
The proceeds from the offering will be used to fund expenditures on
Win-Eldrich's properties and for general working capital purposes.
The securities issued pursuant to the foregoing will be subject to a
four month hold period from the date of issue.
Pursuant to the private placement, Perry Muller of Rogers, Nebraska, the
President and a director of Win-Eldrich, acquired 261,080 units (comprised of
261,080 common shares and 261,080 warrants), representing approximately 3.8%
of Win-Eldrich's issued and outstanding common shares (assuming exercise of
the warrants), for total consideration of $195,810. Upon closing of the
private placement, Mr. Muller owns and exercises control over a total of
1,887,730 common shares of Win-Eldrich and options or warrants to acquire
456,080 additional common shares of Win-Eldrich, which, if exercised, would
result in Mr. Muller owning approximately 16.5% of Win-Eldrich's then issued
and outstanding common shares.
Mr. Muller acquired the shares under the private placement for investment
purposes and, subject to regulatory requirements, may acquire additional
common shares of Win-Eldrich in the future.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Perry Muller, President, Win-Eldrich Mines
Limited at (402) 435-7206